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BCAS Vice President CA Mihir Sheth’s Message for the Month of June 2022

As I start to pen my thoughts for the month of June, I realize that this is my last communication to you as Vice President. Time really flies as they say. Over the last one year I have connected with you through this column to share my thoughts on various subjects primarily revolving around how we could aim to improve our standard of life over standard of living by making simple choices in life. If all that could be summarized in one sentence, I would say I have emphasized on living with the right attitude and adaptability to take up challenges of life effectively and with dignity without compromising core values as professional.

While President Abhay very appropriately covered important professional developments regularly in his communication every month, you would not have missed connect between our two communications. Every communication of his, beautifully intertwined pearls of wisdom from his Guru to motivate us towards the goal I also focused on writing about. i.e. How should we live with the right attitude and high moral standard. I am sure like me, you will also miss those wonderful messages henceforth as he finishes his term as President next month. I thank him for all his support and guidance and wish him good luck for the success of his onward professional journey.

With the grace of the Almighty and the blessings of seniors I will be taking up responsibility to lead the BCAS as President from July 6th. I thank you to have trusted me with this great honour. I am aware of the tremendous responsibility that lie on my shoulder to ensure that high standard of conduct and quality set by my predecessors is maintained with continuous innovation and required improvements. I take a vow that with your blessings and good wishes I will give my best to achieve the same.

What parting message do I give you? I have said all what I was prompted by divine intuition.

Notwithstanding that I will like to state that in the current times we live in there are challenges that many may not be able to tackle. I am reminded of the words of Gen Mac Arthur, the Commander-in-Chief of Allied Forces in WWII. He said “we are living in era of nuclear giants and ethical infants, we know more about war than peace, about killing than living- we have resolved the mystery of atoms but forgotten the Sermon on the Mount”. You will realize that what he stated then could be an understatement in terms of current times. Today, we are not just killing others but also our own selves. Social, professional and financial pressure is taking its toll on the mankind. Therefore it is important than never before that we cultivate a few qualities to keep our balance of mind.

What are those qualities? I have given below some of the important ones out of my own experience.

  1. Hope: Life as we know is not a bed of roses. There are lot of challenges that one needs to tackle. Hope is a factor that gives one strength to ride through the rough times. Hope also has a magical quality to spread positive vibrations and create an atmosphere to fight back. Imagine a person in dire state. If he gives up hope he is left with limited options in his mind, viz. either to accept the hopeless situation and continue to suffer or misdirect his thinking to end the suffering with death. Both options deprive him of possible improvement. As against this the person who lives with the hope, creates possibilities of change of his fortune in the universe by efforts, thinking and persistence.
  2. Reskilling: We must be on a continuous reskilling mode to be able to survive and live with grace. Find out something that you can relate to and upscale your existing skills. That will give us the sense of achievement and purpose in life.
  3. Gratitude: We must count our blessings and not curse. If we learn to thank God for the good things we have, life’s direction becomes very positive. This prevents us getting distracted to negative thinking and leaning towards self –destruction path.
  4. Contribute to Someone’s Life: Nothing is as exciting as being able to help someone. The feeling that you have contributed to someone’s life is something that can give you the strength to face challenges in life with faith that goodness will always come around from sources you have not even imagined.
  5. In the last few years the entire world has been taken by some frenzy of despair. The frequent recurrence of pandemic, depressing economy, ongoing war, deaths of the near and dear ones and the constant struggle for survival for many families have contributed greatly to the gloom prevailing around the globe. Under these circumstances it is of paramount importance that we consciously strive to keep our balance of mind by cultivating qualities above.
  6. I pledge to make these qualities part of my life. Will you?
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The Human Resource Development Committee of the BCAS concluded the Power Summit 2022 on May 28, 2022. After a gap of two years many professionals exchanged their views on the subjects that could not have been more relevant.

The Taxation Committee of the BCAS concluded 3rd DTHRC on June 06, 2022. This year too it received a good response from the professional community.

The International Taxation Committee of the BCAS organized a Panel Discussion on Important Developments in Transfer Pricing on May 23, 2022, just before that it released a much-awaited publication “Law and Practice of Transfer Pricing in India –A Compendium”. (Transfer Pricing Compendium). The publication, authored by 150 plus professionals, will serve as a guide to the professionals on various nuances of this complex and ever-changing subject. The launch was blessed by a foreword from OECD and its representatives Ms. Mayra O. Lucas Mas, Senior Transfer Pricing Advisor, Centre for Tax Policy and Administration, Mr. Michael Lennard, Chief of the International Tax Cooperation Section of the UN Financing for Development Office in the Department of Economic and Social Affairs & Secretary of the UN Tax Committee and Ms. Ilka Ritter, Economic Affairs Officer from the United Nations.

The HRD Committee of the BCAS concluded 9th YRRC on May 23, 2022, in hybrid mode. It was an event with display of phenomenal energy.

Internal Audit Committee of the BCAS has organized Internal Audit Conclave on June 16 & 17, 2022, at the Orchid Hotel, Vile Parle (E), Mumbai. All those practicing in the domain are advised to attend.

Managing Committee of the BCAS is organizing a lecture meeting on June 22, 2022, where the learned speaker CA Gandharv Tongia would share his experience on Journey from an Auditor to the CFO. I am sure that the topic will be found useful for Chartered Accountants.

Enrolments are still going on for the 11th Residential Study Course on Ind AS – 24th to 26th June 2022 at The Deltin, Daman. To understand intricacies of reporting under Ind AS, I appeal to my fellow professionals for registering for the program.

Goodbye for now. We will meet shortly in a new avatar where I will be addressing you on the platform of President’s Communique with different focus.

Thank You!

With Best Regards,

CA Mihir Sheth
Vice President

Please feel free to write to me at vp@bcasonline.org |